§ 31-2-801 — Perfection of a security interest in a vehicle or motor vehicle

Wyoming § 31-2-801

• Jurisdiction: Wyoming
• Title 31: Motor Vehicles
• Ch. 2: TITLE AND REGISTRATION
• Art. 8: MOTOR VEHICLE SECURITY INTERESTS

Text

(a) Perfection of a security interest in a vehicle or
motor vehicle required to be titled as hereinafter defined shall
occur upon delivery of the following to the office of the county
clerk in which the vehicle is located:
(i) A financing statement or security agreement; and
(ii) A properly tendered, completed application for
certificate of title along with the valid title of record issued
pursuant to W.S. 31-2-103.
(b) Upon receiving the information required under
subsection (a) of this section, the county clerk shall endorse
the certificate of title to the vehicle or motor vehicle with
the lien information, including the month, day and year it was
delivered to the county clerk.
(c) Each owner of a vehicle or motor vehicle concerning
which an original or substitute certificate of title has been
issued who encumbers the title thereto, shall deliver the
certificate to the holder of the security interest who, within
five (5) days thereafter, shall deliver the certificate to the
clerk of the county in which the vehicle is located, and the
clerk shall then endorse on the face of the certificate
appropriate notation showing the date and amount of the security
interest, and the name of the secured party. If the clerk issued
the certificate, he shall immediately endorse the same security
interest data on the certificate copy on file in his office. If
the certificate was issued in some other county or state, he
shall promptly transmit to the state or county officer who
issued the certificate the same security interest data and the
other officer shall promptly endorse same on the certificate
copy on file in his office. Every financing statement or
security agreement delivered pursuant to the provisions of this
subsection shall take effect and be in force from and after the
time the secured party delivers a properly tendered, complete
application for a certificate of title issued pursuant to W.S.
31-2-103 and the financing statement or security agreement to
the office of the county clerk of the county in which the
vehicle is located and not before, as to all creditors,
subsequent purchasers and holders of a security interest in good
faith for valuable consideration and without notice.
(d) When a termination statement has been filed pursuant
to W.S. 34.1-9-513, the owner of the motor vehicle shall present
the certificate of title to the county clerk in whose office the
financing statement has been filed, and the county clerk shall
endorse a statement of the termination of the security interest
on the face of the certificate. If the clerk issued the
certificate of title, he shall endorse a like statement of
termination of the security interest on the certificate copy on
file in his office, but otherwise he shall promptly transmit to
the state or county officer who issued the certificate of title
the statement of termination for endorsement on the certificate
copy on file in his office.
(e) Repealed by Laws 2003, Ch. 129, § 2.
(f) The term "vehicle or motor vehicle required to be
licensed" and the words "vehicle" and "motor vehicle" as used in
this section means and includes all vehicles, motor vehicles,
house trailers, trailers, semitrailers, motor coaches, trailer
coaches, trucks, motorcycles, multipurpose vehicles and mobile
homes required by the motor vehicle laws of the state of Wyoming
to have a certificate of title or required to be registered or
licensed under the laws of this state and includes off-road
recreational vehicles for which a certificate of title has been
issued under the laws of this state.
(g) When the certificate of title to the vehicle or motor
vehicle is not available for perfection under subsection (a) of
this section, a "transitional ownership document", on a form
prescribed by the department of transportation, may be delivered
with the financing statement or security agreement and the fee
as specified in W.S. 18-3-402(a)(xvi)(T) to enable a security
interest to be perfected in a timely manner. The transitional
ownership document serves to perfect a lien upon receipt by the
county clerk as to all creditors, subsequent purchasers and
holders of a security interest in good faith for valuable
consideration and without notice. No endorsement on the
transitional ownership document is required to perfect the
security interest. Within ninety (90) days from the date of the
financing statement or security agreement, the certificate of
title shall be filed along with a five dollar ($5.00) fee with
the county clerk. If the certificate of title is not timely
filed, the transitional ownership document is invalid, without
force and effect.